There’s no shortage of reasons to live in the Sunshine State; stable warm weather year-round, plenty of amusement parks, and some of the most beautiful beaches in the country all add up to millions of Americans wanting to call Florida home. If you’ve ever dreamed of calling sunny Florida home, you may have asked yourself, “How in the world do I get started?”
Not to fret! The highly-skilled loan officers of Delmar Mortgage are in your communities, and in your corner. We’re dedicated to helping you navigate every step of the home buying process and financing a beautiful home for you and your family. Let’s take a look at what to expect when working with one of our team members as you look to finance (or refinance) your home!
So what happens after you fill out an online application with one of our loan officers? Several next steps!
A critical step for our loan officers is also one of the most fun parts of the job; getting to know you! Whether you want to meet in person or prefer to talk over the phone, we can’t wait to learn more about you and what you’re looking for in your new home. We’ll want to know about where you’re coming from, whether that’s another part of Florida, or as far away as New York. We’ll also help you determine which part of Florida is best for you; Florida is home to many large cities including Tampa, Orlando, Miami, and more. While each of these areas has its own pros and cons, we’ll work with you to determine which is best for the needs of you and your family as you proceed down the path to home ownership.
The next thing we’ll need to do is evaluate your current finances. While this may sound uncomfortable, it’s an important part of the application process and is a necessary step toward your eventual home purchase. First, we’ll want to consider how much you may owe in current debts, including student loans, auto debt, credit card debt, and more. We’ll also need to know how much you and your family bring in annually, as well as if you have any additional pieces of real estate or other mortgages in which you may have built some home equity.
We understand these can be difficult conversations to have, especially for first-time homebuyers. However, all of these pieces of information are necessary for us to determine what your monthly payments might look like. You can also use our mortgage calculator to get an idea for yourself. Mortgage calculators evaluate factors like your down payment, credit score, loan amount, current interest rates, current mortgage rates, and more to help you determine what your monthly payments could be. For example, if you only have enough saved up for a low down payment and have a relatively lower credit score, your mortgage payments will likely be more than someone with a higher credit score and more saved up for a down payment. Ideally, you will qualify for preapproval and may qualify for some of the low rates that can come with that!
As you save up for your down payment, it is wise to also set some money aside for unexpected costs. These can include closing costs, money for origination fees, costs for the mortgage application, temporary mortgage insurance, and more. When applying for a mortgage loan, it’s best for future borrowers to have more than they think they need set aside just in case.
Everyone’s situation is different though; while some are looking to purchase their first home, other homeowners might consider refinancing their current mortgage. That’s part of the beauty of our job as loan officers though; every family is different and has unique needs, and we get to work through all of this together with you!
Once we have a full understanding of your financial situation, we get to start discussing which mortgage product or mortgage option is most appropriate for your family. There are a great number of loan types or loan programs out there, including: conventional loans, FHA loans, jumbo loans, VA loans, USDA loans, and more (note, each of these has different eligibility requirements). Don’t worry, this may sound confusing, but we won’t steer you wrong. Like any good mortgage company, every one of our loan officers has a trackable NMLS number, (or Nationwide Multistate Licensing System identifier) that allows you to shop for a mortgage product with confidence knowing you’re working with a licensed professional. Our job is to ensure that the loan product you select is the one that’s right for you and your family (this includes those looking for a mortgage refinance).
After we lock down which mortgage program is the best option for you, we’ll take a deeper look at the best path and loan term for your situation. For many conventional mortgages, a fixed-rate 30-year term is an appropriate course of action. In other cases, a mortgage with an adjustable rate may be better.
Try not to worry; our loan officers are here to make the process as painless as possible, and the end result of a beautiful new home in the sunshine state will more than make it all worth it. Don’t wait! Get the ball rolling by talking to one of our Florida Loan Officers below.